Merchant Investment Management, a New York-based private equity firm, has taken a minority stake in Concurrent Advisors, a partnership of independent registered representatives affiliated with Raymond James Financial Services Inc. Terms of the investment were not disclosed.
Concurrent, headquartered in San Diego and founded in 2016, supports breakaway brokers by “fostering a collaborative ecosystem that allows its affiliates to maximize the benefits inherent to business ownership,” it said in a release.
The organization currently serves 127 advisers in 55 offices with over $12.2 billion in assets under management and approximately $12 billion under advisement.
Merchant’s investment will make growth capital available to each underlying adviser practice, Concurrent said.
Elsewhere, a Commonwealth team in Massachusetts converts to Cetera, while Janney draws four former Wells Fargo advisors to its Radnor, Pennsylvania office.
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